Independent Contracting

  1. I am interested in pursing independent contracts directly with the hospital. Have any of you tried this? May I ask what your experience has been? How did you get set up? Is it worth the extra work of setting up your own business?

    How do I get started?

    B.
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  2. 9 Comments

  3. by   cargal
    Please see (omitted by moderator). . He has been very helpful in the past. In fact, he will probably see this and reply. I am a big fan.
    Good Luck and go for it, I say!
    Carrie
  4. by   dmagee
    If your not incorporated you're working too hard for your money! Forget how
    you think of travel nurse companies and how they pay you and the so-called
    perks they give you. We make it simple and pay you $50hr. (NY assignment)
    pre-tax. Increase your effective rate of return with money for money
    deductions. To keep more of what you earn you must have a plan. Without
    deductions, you pay your expenses with post tax dollars. This means, on
    average, you will have to earn $1.40 for every dollar of expense. Example:
    you will have to earn $2,800 to purchase a $2,000 computer. A business only
    pays the $2,000, as the computer is a business deduction. Apply this to all
    of your purchases. If you are going to be successful, you have to avoid the
    threats.
    The key areas are:
    1. Lawsuits
    2. Income taxes
    3. Death (orderly distribution of your estate upon your death.)
    Solutions:
    1. Lawsuits; keep your assets out of your name and into business entities.
    2. Income taxes; capture many deductions, split income and move money into
    tax-free or tax deferred entities.
    3. Death; use entities to avoid probate and maximize your estate.
    The Power of Entities:
    Entities are separate from individuals. Some entities receive preferential
    treatment from the IRS, some entities protect their owners from liability
    and some entities help reduce taxes. While a single entity may not provide a
    solution to all of the threats you can use a combination of entities to
    maximize their strengths. This is called entity structuring.
    We are nurse entrepreneurs.

    David Magee
  5. by   nightingale
    Please do not place advertisements for solicitation purposes.

    This is against the rules for posting to this BB. This may jeopardize your posting priveliges...


    The Moderator
  6. by   dmagee
    I am trying to answer your question. Take out the fact that I put my web address and mentioned my business and you have your answers. If you want to get a contract for yourself then you must first protect yourself with and have a business entity. I did it by myself 2 years ago and payed dearly for bad advice. I have searched high and low for one Legal Firm that can handle all 50 states and set up my business entity to maximize the tax code. I do not get a commission from the Anderson Law Group I am just trying to provide a resource for those that want to be independent. I think we are only one in four that will pay to a business entity. I will be happy to answer any questions for nurses if they have them. I would also like to know if we can have a forum for nurses who want to be independent?
  7. by   nightingale
    This request was submitted and is on the table for consideration. I would love to see this forum also.

    I agree the time is right (or in some cases overdue) for nurses who are interested to have the information available.

    I feel strongly that an atmosphere of open communication in independence is what will allow nurses to become independent. I am cautious to exchange one boss, so to speak, for someone else marketing to the cause of "independent contracting" and making lots of money off of that spin.

    Respectfully,

    B.
  8. by   grouchy
    David, thanks for the info. I am planning to become a CRNA. I have seen CRNA travel assignments advertised on the web as 'locum tenems' assignments. I have not seen this terminology used in RN travel or agency ads. Is this because the CRNA is an independent contractor? Does 'locum tenems' = temporary assignment for a business entity?
  9. by   grouchy
    Nightngale 1998,

    Perhaps independent contracting could be part of a larger thread devoted to nurses and money/investing/finances.
  10. by   nightingale
    Thanks grouchy.... and David

    I agree. This request has been submitted; it is on the table for consideration. You may also email Brian yourself with this suggestion, as I have already.

    I very much want to do this myself (independently contract). Like any new venture, it is all in the timing and being prepared. It is my hope/goal to have this new forum to discuss pertinent issues.

    I have seen several websites who now have this business organized and sell time/services etc... to provide information for nurses who want to independently contract. I guess, this can be very beneficial. Honestly, not having "done this" myself and coming from a perspective of years of work experience, including in the "business world" I am cautious to give someone else my money to make money.

    It is my goal to move forward in this venture with enough information to not fall on my face, run up a huge tax bill and then get "surprised" about what I owe Uncle Sam; obviously, I want to hold onto as much of my earned income as possible.

    It is thrilling to see this interest from my peers. Please keep up the posting to this topic... keep those questions flowing. I would rather see the answers and dialogue in this forum (or its' own "Independent Contracting Forum") then pay a large portion of my income to someone else for their services. Please also understand, I agree, services rendered are worthy of paying a fee... I am interested in my bottom line earnings too!

    B.
  11. by   SharonH, RN
    I see the nurse entrepreneurs forum is up and running and it's a great idea. I hope everyone stops by and takes a look because I have a poll up and some questions.

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